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A. Guarantee In Lieu Of Surety Bonds: Whenever any chapter, section or provision of this code, and as hereafter amended, or any rule, regulation or ordinance printed and contained in a book in code form now ratified, adopted and in force, and as hereafter amended, requires a surety bond as a condition: 1) of acceptance of a plat; 2) for the approval of a grant for a permit or license; or 3) for the permission to do any thing, act or work, the city council may, in lieu of a surety bond, require another type of guarantee sufficient to secure the actual and faithful observance and performance of: 1) all conditions and requirements therein imposed by said plat, permit, license or contract, or thing, act or work approved; 2) all ordinances of the city; and 3) the duties required by ordinances, rules or regulations now in force or as hereinafter enacted, ratified or adopted and otherwise do, perform and observe all provisions and conditions of any approval, permit, license or contract. (2003 Code § 1-19-01)
B. Security Of Thing, Act Or Work Approved: The guarantee in lieu of a surety bond acceptable to secure the actual performance and observance of the plat, permit, license or contract or thing, act or work approved by the city council may be the following:
1. A general undertaking in a form similar to that required by Idaho Code section 12-613, and acknowledged by and before an officer authorized by law to take acknowledgments in order for such undertaking to be recorded.
2. The assignment or pledge of savings passbooks, time certificates or certificates of deposit of a bank or savings and loan association authorized to do business in the state.
3. The pledge, assignment or other act of rendering custody to the city in and to securities, bills or notes of the United States Of America, or the bonds of the state of Idaho, municipal corporations, or local improvement districts. (2003 Code § 1-19-02)